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As super funds come to grips with the
need to build brand and drive member
engagement, what mechanisms
should they be looking at?
MICHELLE DUNNER reports.
In the digital age, the fight for member
attention has never been more acute
and the super industry is facing some
significant challenges. Statements
from the Hayne Royal Commission and
recommendations from the Productivity
Commission signal that the super landscape
could well be remodelled, so the need to
attract, retain and engage fund members is
of paramount importance.
The ASFA Spotlight on Member Engagement,
held in Melbourne on 12 September, looked at
how super could respond to the changing “rules
of attraction”. Can we turn-on our members to
create a deeper and richer level of engagement?
Are funds themselves changing from a product
to a customer-focused model? What is the role
of brand and how can actionable insights be
developed?
THE POWER OF BRANDING
Umberto Mecchi, the chief marketing officer at
HOSTPLUS said the Royal Commission has
exposed a lot of brands throughout the financial
services industry. “The challenge for brands
in our sector will be to win back the trust and
confidence of their customers.”
Mecchi, who chaired “Customers – the fight
for attention is real” with Deloitte partner
Kareene Koh and group industry director for
Facebook and Instagram Naomi Shepherd, said
the industry needs to look at the rapid change in
customer preferences and media consumption
habits as well as how its own structures can keep
pace.
“Technology is clearly pervasive in our lives and
is influencing what we choose to see, when we
choose to see it and how we choose to see it.
We can’t also ignore the probable reality that our
own organisational structures and capabilities are
perhaps being challenged to respond and keep
pace with these changing forces.”
Shepherd said the ubiquity of smartphones is
the chief agent of change as far as customers are
concerned. “If you’re thinking about repositioning
super with your members, about what role you’re
playing in their financial literacy, and giving
people the confidence that they’re with the right
fund, then chances are you’re probably thinking
that you’d like a very positive brand image and
you’d like to be at the top of people’s minds
pretty consistently.
“Building your brands on our platforms, on
Facebook on Instagram and on Messenger, really
isn’t that different to the way that you might
build brands anywhere else. All of the things that
are important to brand building—like fame and
emotion and consistency and having distinctive
assets—generally haven’t changed, but there
is one important distinction, and that is that
consumer behaviour really has changed.
“People are walking around with the most
personal and portable device ever known in their
pocket ... we’re really at this inflection point of
where consumer behaviour is massively shifting
and that is changing the way we think about
The industry needs to look at the rapid
change in customer preferences and media
consumption habits as well as how its own
structures can keep pace.
Superfunds October 2018